Afreximbank and MobiHealth expand African telemedicine

The African Export-Import Bank (Afreximbank) and MobiHealthCare Limited (MobiHealth) have signed an agreement for a project preparation facility aimed at expanding MobiHealth’s telemedicine services in Nigeria and evaluating the potential for similar services in Egypt, Ghana, Kenya, and Côte d'Ivoire

According to the agreement, Afreximbank will partially fund the preparatory activities for leveraging MobiHealth’s integrated telemedicine platform, initially piloted in Nigeria, to the four additional countries. This initiative is expected to quickly lead to the establishment of a network of telemedicine clinics across Africa, fully equipped with outpatient facilities. The project preparation facility, amounting to up to US$1.5mn, is anticipated to advance the project to a bankable stage, which could then attract further investments estimated at US$65mn.

The preparatory facility aims to accelerate the deployment of digital healthcare solutions, improving access, efficiency, and quality of healthcare. MobiHealth’s platform employs both local and diaspora medical professionals to diagnose and prescribe treatments remotely. This approach reduces waiting and travel times, provides new ways to reach underserved populations, and removes barriers to healthcare access.

Additionally, Afreximbank will act as the mandated lead arranger, overseeing senior debt syndication for the project's implementation.

The MobiHealth transaction was initiated through the Africa Investment Forum (AIF) platform under its 'Women as Investment Champions' initiative. Afreximbank is one of the founding partners of the AIF, which has played a key role in securing a US$1.0mn grant for MobiHealth from the United States Trade and Development Agency (USTDA).

Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development Bank, Afreximbank, commented, “This initiative will fundamentally reshape the delivery of healthcare services with broader implications for healthcare services across the continent. We will not only be embracing digital technology but also harnessing the same to help our member countries accelerate their progress towards the attainment of Universal Healthcare Coverage, and improve equitable access to quality, affordable healthcare. Afreximbank is pleased to join USTDA to support bankable studies and services to ensure advancement of this impactful health project.”

Dr. Funmi Adewara, Chief Executive Officer and the project sponsor of MobiHealth, said, “The signing of this facility agreement marks yet another significant milestone in MobiHealth’s quest to proffer digital healthcare solutions across the continent. We are thrilled to have the support of Afreximbank, a pan-African multilateral financial institution with the scale and capacity to enable us to achieve this objective in a timely manner. Their involvement is a strong validation for our business model and I would like to laud Afreximbank, AIF and USTDA for their visionary leadership and steadfast commitment to support the provision of quality healthcare to African citizens.”